BBC Worldwide Ltd. is the wholly owned commercial subsidiary of the BBC, formed out of a restructuring of its predecessor BBC Enterprises in 1995. The company exploits BBC brands, sells BBC and other British programming for broadcast abroad with the aim of supplementing the income received by the BBC through the licence fee. In 2013/14, BBC Worldwide generated headline profits of £157.4m and headline sales of £1,042.3m and returned £173.8m to the BBC. In 2012/13 it made a profit of £156.3m on a turnover of £1,115.8m. The company had made a profit of £104m on a turnover of £1,085m in the previous financial year. BBC Worldwide’s profit rate was 11.2% in 2011/2012, up slightly from 9.6% the previous year, down from a peak of 21.5% in 2002/2003, contrasting with 7.8% in 2003/2004.